You have the following transactions for the month of February, 2018.

1. You contribute $5,000 cash to start your business.

2. Using a credit card, you registered a business name with Service Ontario, $60.

3. You purchased office supplies for $100, plus HST, using a credit card.

4. You open a business bank account. The bank will charge you $27 at the end of every month.

5. Design and purchase 1,500 flyers advertising tutoring services from Staples, for $88.50 plus HST. Pay by credit card.

6. Purchase a 2 year insurance policy. You pay cash of $1,800 (including taxes).

7. Design a midterm review package for students using your tutoring services. Have 300 review packages printed at Staples for $600 plus HST. Pay by cash. (Hint do not use supplies for the midterm review package. Use a different account.)

8. Post an ad on Kijiji for tutoring. You repost the ad daily so that you are always on the top page.

9. Distribute 600 flyers to students.

10. Provide tutoring services to students for the month and are paid $1,850 cash.

11. Used two-thirds of the midterm review packages from Transaction 7 during the month.

12. The cell phone costs $270 (including taxes) for the month and you used it 50% for business purposes. Paid the business portion from your business bank account in cash.

13. Received $350 cash from 7 students who have paid you in advance for tutoring in March.

14. At the end of the month the bank withdraws the service charge from your bank account.

15. You pay $100 of your credit card bill using cash from your business bank account.

16. At the end of the month you used 1 month of insurance coverage.

17. At the end of the period there was still $118 of the office supplies left. You didnt use much, but what you did use was used to generate revenue.

Record the transactions into the expanded accounting equation using account names. Also, answer the questions below:

You would like to know how you have been doing over the last month. Using the totals from your calculations, determine your profit for the month of February. Do you think the cost of the midterm review packages was worth the expense? Why do you think so?

You tutored students for a total of 72 hours, but it took an additional 28 hours to prepare for the tutoring sessions. Knowing that, do you think you should continue with the business? Support your answer with reasoning and calculations.

Do you think your financial position is good or bad at the end of this month? Explain.